This week regulators added $221 million in regulatory costs. Annual burdens were $217 million, compared to $515 million in quantified benefits; agencies published more than 700,000 paperwork burden hours. A consumer safety rule for off-highway vehicles led the week.
In March, President Obama directed the Department of Labor to revise labor rules in order to expand the number of people eligible to receive overtime pay.
The Administration’s effort to expand overtime pay requirements for salaried workers would impact very few people and minimally affect those in poverty, according to new research from the American Action Forum (@AAF).
76 years ago federal wage and hours standards were established during the Great Depression in response to reports of inhumane child labor. Two of the most prominent standards enacted were the federal minimum wage and overtime pay, which lawmakers have periodically expanded each over time. Today policymakers are once again calling for expansions in these requirements. While minimum wage proposals at federal, state, and city levels have received the most attention, President Obama in March directed the Department of Labor (DOL) to expand the number of salaried workers covered by federal overtime standards. With efforts to expand overtime pay underway, it is important to understand how the DOL plans to expand coverage, who will be affected by any rule changes, what potential impact it could have on labor markets, and ultimately how successful it will be as a tool to increase incomes and fight poverty.
The facts regarding inversions are the subject of a new #Eakinomics video released today by the American Action Forum (@AAF). AAF President Douglas Holtz-Eakin provides a straightforward rebuttal to recent comments made by critics, including President Obama, claiming that inverted companies unfairly take advantage of the education system and infrastructure without paying taxes. In the video, Holtz-Eakin explains that inversions level the playing field while companies continue to pay taxes after the practice.
AAF President Douglas Holtz-Eakin provides a straightforward rebuttal to recent comments made by critics, including President Obama, claiming that inverted companies unfairly take advantage of the education system and infrastructure without paying taxes.
With Senate Republicans set to assume their first majority in eight years, the priorities of both chambers of Congress will become more closely aligned. Now, for the first time since the Affordable Care Act (ACA) was signed into law, Republicans will have an opportunity to weigh in on the president’s signature domestic policy achievement legislatively. Every new Congress brings with it high hopes for big accomplishments, but those expecting large scale legislative victories would be wise to lower their sights. In the Senate, Republicans lack a filibuster proof majority and President Obama remains in the Oval Office. Repealing and replacing the ACA, or enacting significant entitlement reforms most likely remain beyond Congress’ reach next year. Instead, Congress can and should focus on achievable health policy goals in 2015.
The president is planning to announce his long-threatened “executive action” on immigration tonight. This move will exacerbate the already-difficult politics of immigration reform.
The Federal Housing Administration (FHA) provides a taxpayer backstop for low down payment mortgages. For this reason, it absorbed enormous losses in the Great Recession, to the point that it depleted its capital reserves and required a $1.7 billion bailout from the Treasury Department last year to bolster its finances. In turn, this has led to calls for FHA reform.
The Federal Housing Administration’s (FHA) annual audit has been released, reporting that its Mutual Mortgage Insurance Fund (MMIF) is back in the black but further away from its congressional mandate than anticipated. For the past few years, annual actuarial reviews have provided Congress and private stakeholders with critical insight into the FHA’s financial health.